Minnesota Statutes 321.1116 – Action On Plan of Domestication by Domesticating Limited Partnership
Current as of: 2023 | Check for updates
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Subdivision 1.Consent required.
A plan of domestication must be consented to:
Terms Used In Minnesota Statutes 321.1116
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
- Statute: A law passed by a legislature.
(1) by all the partners, subject to section 321.1119 if the domesticating organization is a limited partnership; and
(2) as provided in the domesticating organization’s governing statute, if the organization is a foreign limited partnership.
Subd. 2.Amendment of plan or abandonment of domestication.
Subject to any contractual rights, after a domestication is approved, and at any time before articles of domestication are filed with the secretary of state under section 321.1117, a domesticating limited partnership may amend the plan or abandon the domestication:
(1) as provided in the plan; or
(2) except as otherwise prohibited in the plan, by the same consent as was required to approve the plan.